How Successful Entrepreneurs Deal with Failure
‘Failure’ is a term badly misunderstood; most people terribly fail to grasp its true meaning. In its literal sense, the word is the exact opposite of success. In reality, however, it is one of the most crucial elements of success itself. And we have thousands of actual success stories to back it up. Therefore, dealing with failure is one of the most important ability one needs in order to achieve success.
Unfortunately, failure in an entrepreneurial life doesn’t always mean low sales for a season or a marketing campaign that backfires. Things can get worse as soon as they start to look great. You can even get fired from a company you founded. The good news is, latest polls conducted by Ipsos reveal one amazing fact about entrepreneurs in general – they tend to have thicker skin. It is indeed a trait one needs in order to overcome failure. Not all of them are born with it, it is something they develop through sheer determination. Here are some of the most effective ways entrepreneurs learn to successfully deal with failure.
Meet Failure as an Old Friend
Old as in someone with experience and wisdom – someone you can learn from. Failures can teach you more than success. Failing a hundred times means learning one hundred ways that don’t work, and eventually discovering the one that would. It is important to reflect back on how you reached the negative outcome and try to discover and identify what actually went wrong. More often than not, it is one small move that turns the whole thing upside down.
Accept that Results and Responsibilities
What keeps entrepreneurs back is the habit of denial. Whether you are denying the fact that you have failed or the responsibility of that failure, it won’t play out in your favor. Accepting failure as it occurs save you from investing more efforts and resources on a lost cause; it will save you from exhaustion and frustration. Denying the responsibility will limit your ability to learn and improve. Consequently, you will find yourself stuck in the same spot or simply running around it in circles.
Overall, it is all about changing the way you perceive failure in order to deal with it. Don’t think of failure as a dead end, take it as a clear sign to make a turn. With each turn, you get closer and closer to your destination.